This week, Binance-owned Indian crypto startup WazirX launched Polaris, a programme under its ongoing ‘Blockchain for India’ initiative. The company will be providing Binance Open Platform and seed funding between $5K and $100K. Polaris has been divided into two sections, early-stage ($5K to 20K) and seed-stage startups ($20K to $100K).

Nischal Shetty, founder at WazirX said in a press statement that the programme will empower existing and emerging entrepreneurs as well as the Indian blockchain ecosystem. “Together, we will make the segment unlike any other within the fintech space,” he added. The launch comes after Binance had announced setting up a $50 Mn fund to invest in crypto and blockchain startups in March 2020.

In another update, T-Block Accelerator, backed by the Telangana government and Tech Mahindra recently announced its partnership with public blockchain companies Matic Network, Harmony and Aeternity. Through this collaboration, the trio will assist Indian blockchain startups in building and scaling-up technology use cases.

T-Block will shortly be selecting startups for a one-week boot camp, followed by a four-month training programme. Rama Devi Lanka, director of emerging technologies, Telangana government, said that the partnership will propel India’s blockchain revolution and these platforms will further strengthen the ecosystem.

Graph Of The Week: Banking Sector Leads Blockchain Use

According to the Cambridge Centre for Alternative Finance report, banking and financial services (30%), followed by government and public goods (13%), insurance (12%) used blockchain technology extensively. On the other hand, manufacturing (3%), energy and utility (3%) and professional services (4%) had the least use case of the technology.

Source: University of Cambridge

Blockchain News Of The Week:

Three Indian Blockchain Startups In Aeternity Starfleet Global Accelerator

Aeternity Starfleet Global Program, in partnership with a blockchain-focused investment firm AE Ventures and Indian innovation management company IBC Media, recently announced three startups — Hypermine, Drife and Pontis for its first edition. The selected startups will be receiving a venture investment as well as go-to-market opportunities in the EU and EMEA region, support in technology implementation, business development, marketing and legal matters.

Telegram Abandons Blockchain Platform TON

The founder and CEO of messaging platform Telegram, Pavel Durov, on Wednesday (May 13, 2020), announced that the company has pulled the plug on its blockchain platform Telegram Open Network (TON) after a long battle with the US Securities and Exchange Commission (SEC).

Durov said that Telegram’s active involvement with TON is over. “You may see – or may have already seen – sites using my name or the Telegram brand or the TON abbreviation to promote their projects. Don’t trust them with your money or data. No present or past member of our team is involved with any of these projects. While networks based on the technology we built for TON may appear, we won’t have any affiliation with them and are unlikely to ever support them in any way. So, be careful, and don’t let anyone mislead you,” he added.

Open Blockchain Platforms Not Safe For Enterprises, Says Salesforce Exec

The senior vice president for emerging technology at Salesforce, Adam Caplan, in a conference while discussing the future of enterprise blockchain said that it is difficult for businesses to place its trust in public blockchains as they do not offer any access and governance controls. Further, he said while enterprises may want to bring value to their end consumers through blockchain, security concerns may be enough to persuade them from adopting the technology.

Author

Amit Raja Naik is a business journalist for Inc42 Media. A startup enthusiast, who loves to write about technology, people, process, culture and more. You can also find him regularly performing shows with his music band in Bengaluru, India.